This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
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Problem 1: Ben wants his savings of 40,000 to earn interest of 9000 at Faida bank. If Faida bank charges interest at the rate of 8% how long must Ben save? Step 1: Identify the given values for simple interest. The principal amount (P) is Ksh 40,000. The interest (I) earned is Ksh 9,000. The annual interest rate (R) is 8\%, which is 0.08 as a decimal. We need to find the time (T) in years. Step 2: Use the simple interest formula I = P × R × T. Substitute the known values into the formula: 9000 = 40000 × 0.08 × T Step 3: Solve for T. First, multiply P and R: 9000 = (40000 × 0.08) × T 9000 = 3200 × T Now, divide both sides by 3200: T = (9000)/(3200) T = (90)/(32) T = (45)/(16) T = 2.8125 years Ben must save for 2.8125 years. 2.8125 years Send me the next one 📸